Aéroports de Paris Q consolidated revenue up by 4.0% driven by aviation and retail activities dynamism

Transcription

1 Financial release 5 May 05 Aéroports de Paris Q 05 consolidated revenue up by 4.0% driven by aviation and retail activities dynamism Financial Information as of 3 March 05 : Paris airports passenger traffic: +.0% Aviation: sustained growth of airport fees (+4.0%, to 4 million) and of ancillary fees (+4.5% to 5 million) Retail and services: strong growth of retail activities revenue (+8.0%, to 9 million) and Sales/PAX up by 9.7% to 9.8 Real estate: impact of the indexation of rents on CCI 3 down by 0.98% as of January 05 International and airport developments: strong contribution of new airport design projects on ADP Ingénierie revenue (+9.8% to 5 million) Implementation of a new accounting management model (see appendix) 4 Group revenue by segment 5 : Q 05 pro forma 4 05/04 Aviation % Retail and services % Real estate % International and airport developments % Other activities % Inter-segment eliminations (76) (73) % Consolidated revenue % Group traffic (in millions of passengers) % Paris Airports (CDG+ORY) % TAV 38% % Aéroports de Paris Management +.7 % Sales/PAX ( ) % Augustin de Romanet, Chairman and CEO of Aéroports de Paris, said: "Group consolidated revenue growth of the first quarter is satisfactory with a good performance on almost all our activities. Traffic increase is in line with our forecasts, driven essentially by Asian, Middle-Eastern and European destinations, and was translated in particular into an increase of aviation fees. Retail activities benefitted from the combined effect of the growth of highly contributive destinations and the opening in autumn 04 of the new shops of the central square of Hall K of Terminal E. Paris-Charles de Gaulle was besides ranked 5 th best airport worldwide for the quality of its retail by Skytrax 6. Sales per passenger of the first quarter, traditionally the highest of the year with 4 th quarter, was up 9.7% to 9.8. Moreover, our performance in quality of service was also congratulated by Skytrax ranking in which Paris-Charles de Gaulle was awarded the best improvement of the year. " This document has been drawn up under section IV of article L. 45--, of the French Monetary and Financial Code. Unless otherwise indicated, all percentages in this document compare the first quarter of 05 with the first quarter of 04 Sales at airside shops divided by the number of departing passengers 3 Cost of construction index published by INSEE 4 pro forma revenue is presented in Appendix 5 TAV Airports and TAV Construction are accounting for using the equity method 6 See press release of 6 March 05 available on

2 First quarter 05 consolidated revenue Aviation Q 05 pro forma 05/04 Aviation % Airport fees % Passenger fees % Landing fees % Parking fees % Ancillary fees % Revenue from airport safety and security services % Other revenue % Over the first quarter of 05, aviation segment revenue increased by 5.8% to 398 million. Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was up 4.0%, to 4 million, benefiting from the combined increase in tariffs (+.95% on April 04) and the growth in passenger traffic (+.0%). Ancillary fees were up 4.5%, to 5 million primarily due to higher de-icing fees (+89.6%, to 9 million), as a consequence of a harsher winter in 05. The number of de-iced aircrafts at Paris-Charles de Gaulle was multiplied by 9 compared to the first quarter of 04. Revenue from airport safety and security services saw an increase of 4.5%, to 9 million, reflecting the increase of security checks. Other revenue mostly consists in re-invoicing the French Air Navigation Services Division and leasing associated with the use of terminals. It increased by 9.7%, to 3 million. Retail and services Q 05 pro forma 05/04 Retail and services % Retail activities % Airside shops % Landside shops % Bars and restaurants % Advertising % Others % Car parks and access roads % Industrial services revenue % Rental income % Other income % Over the first quarter of 05, retail and services segment revenue increased by.%, to 0 million. The revenue from retail (rents received from shops, bars and restaurants, advertising, banking and foreign exchange activities, and car rental companies) sharply grew by 8.0%, to 9 million in the first quarter of 05. Rents from airside shops stood at 66 million, up 8.7%, thanks to the growth in passenger traffic of highly contributive destinations and the increase in sales per passenger (+9.7%, to 9.8). See appendix Sales at airside shopes divided by the number of departing passengers

3 This performance was for the most part attributable to the growth of business at duty free shops, translation of i/ the growth of traffic of highly contributive destinations, ii/ the opening over the 4 th quarter of 04 of shops of the central square of Hall K of Terminal E and iii/ the positive foreign exchange effect on some currencies (the euro being at a historically low level compared to Chinese Yuan or US dollar, for instance). Duty free sales per passenger are then strongly up by 3.6% to Moreover, duty paid sales per passenger are slightly up by.4% to 7.. Revenue from car parks decreased by 3.3 %, to 4 million. Revenue from the provision of industrial services (electricity and water supply) increased by 3.%, to 37 million, due to an increase in electricity sales (+4.5%, to 7 million) following a colder winter in 05. Rental revenue (leasing of space within terminals) decreased by 7.%, to 34 million. Other revenue essentially consisted of internal services and increased by 6.5%, to 6 million. Real estate Q 05 pro Forma 05/04 Real estate % Internal revenue % External revenue (generated with third parties) % Land % Buildings -4.0% Other revenue % Over the first quarter of 05, real estate segment revenue decreased by.6%, to 64 million. Internal revenue was down by.6%, at 3 million. External revenue was down by.4%, at 5 million mainly due to the negative impact of indexation of rents on the cost of construction index on January 05 (-0.98%). International and airport developments Q 05 pro Forma 05/04 International and airport developments % ADP Ingénierie % Aéroports de Paris Management % Over the first quarter of 05, international and airport developments segment revenue was up by.6%, at 8 million. ADP Ingénierie revenue increased by 9.8%, to 5 million, due to the gain of new projects compared to the first quarter of 04, especially in Bahrein. At the end of March 05, ADP Ingénierie contractual backlog stood at 46 million for the period. Aéroports de Paris Management revenue was down by.6%, at 3 million, due to the termination, as of 3 December 04, of Algiers airport contract. 3

4 Other activities Q 05 pro Forma 05/04 Other activities % Hub One % Hub Safe % Over the first quarter of 05, other activities segment revenue increased by.7%, to 48 million. Hub One saw its revenue grow by.8%, to 3 million, due to the growth of the backlog of the Telecom Division. Hub Safe revenue was up by 8.6%, at 7 million, mainly due to the increase of security checks linked to national security plan. Formerly called Alyzia Sûreté 4

5 Highlights of the period after the publication of the 04 registration document on April 05 Change in passenger traffic in the first quarter of 05 Group stake-weighted traffic : ADP Group TAV Airports Group Group traffic Stake-weighted ADP stake traffic (million passengers) Paris (Charles de Gaulle 00% % Mexico regional 5,5% % % % 5% % 9,5% % 0% % 9% % Istanbul 38% % Ankara 38%. +3.4% 38% % Other airports 38%. +0.5% TOTAL GROUP % At the Paris airports: Over the first quarter of 05, Aéroports de Paris traffic grew by.0% with a total of 0.5 million passengers welcomed, including 4. million passengers in Paris-Charles de Gaulle (+.%) and 6.4 million in Paris-Orly (+.6%). Geographical breakdown is as follows: Geographic split ADP 05 % change Share of total traffic France +.0% 7.9% Europe +3.9% 40.7% Other International +0.7% 4.3% of which Africa -3.5%.4% North America +.0% 8.% Latin America -.0% 4.0% Middle East +4.4% 5.% Asia/Pacific +6.7% 7.7% French Overseas Territories -.3% 4.9% Total ADP +.0% 00.0% The number of connecting passengers increased by.4% and the connecting rate increased by 0. points to 6.%. Air traffic movements (58,937) were down by 0.6%. Freight and postal activity decreased by 3.%, with 53,58 tonnes transported. Direct or indirect Of SETA, which owns 6.7% of GACN controlling 3 airports in Mexico 3 Milas-Bodrum (Turkey), Croatia (Zagreb), Saudi Arabia (Madinah), Tunisia (Monastir & Enfidha), Georgia (Tbilissi & Batumi), and Macedonia (Skopje & Ohrid). On a regulated scope basis, including Milas-Bodrum 04 traffic, traffic of other TAV Group airports would be up by +3.% for Q 05 compared to. 5

6 Dividend distribution policy At its meeting of 9 February 05, the Board of Directors decided to propose a dividend payment of.44 per share for the 04 financial year at the next Annual General Meeting, to be held on 8 May 05. Subject to the vote of the Annual General Meeting, the ex-dividend date would be fixed to 8 May 05 and the payment would be made on June 05. This dividend corresponds to a payout ratio of 60% of the 04 net income attributable to the Group, unchanged since the 03 financial year. As a reminder, the payout ratio was increased from 50% to 60% in 03, for the 0 financial year dividends. Implementation of a new accounting management model In order to simplify the readability of accounting segment performance and to optimise the allocation of internal exchanges, Aéroports de Paris implemented a new accounting management system being applied since January 05. This new accounting management model consists in: A presentation of the P&L by nature for all revenue and costs A review and a simplification of allocation for revenue and costs of transversal activities A review and a simplification of the allocation of overheads by segment. This new accounting management system does not have any impact of key financial metrics. Moreover, the other main change made was the direct offsetting of capitalised production (formerly accounted for between revenue and expenses) decreasing referring costs. In 04, capitalised production amounted to 79 million that are now broken down in less staff expenses and other costs. First quarter of 04 revenue pro forma is available in the appendix of this press release. 6

7 Events having occurred since 3 March 05 Tariffs As of April 05, airport and ancillary fees (excluding fees for disabled and reduced-mobility passengers) increased on average by.4% on a like-for-like basis. From October 05, the consortium made up of Aéroports de Paris, VINCI Airports and Astaldi will operate Arturo Merino Benítez Airport The Supreme Decree awarding the concession of Santiago International Airport, Chile, was published on April 05 in the Chilean Official Gazette. This publication ratifies the conclusion of the tender process organized by the Chilean government, which was made public on February 4, 05. As a result, the Nuevo Pudahuel consortium, made up of Aéroports de Paris 3 (45% of the consortium), VINCI Airports (40%) and Astaldi (5%), will now implement the design phase to take on the operation of the Arturo Merino Benítez International Airport in Santiago de Chile starting October 05, for a duration of 0 years. As the new airport operator, the Nuevo Pudahuel consortium main duties are to: renovate the existing facilities including the refurbishment and the extension of the existing terminal finance, design and construct a new 75,000 m² terminal, bringing the airport's capacity up to 30 million passengers per year operate, for the entire duration of the concession (0 years), all infrastructures, including the existing terminal, the new terminal, car parks and future property developments. Design and construction works will be carried out by a consortium made up of VINCI Construction Grands Projets (50%) and Astaldi (50%). Aéroports de Paris and Select Service Partner aim to create a joint venture for the planning, operation and development of "fast food" retail outlets Following public consultation, Aéroports de Paris has chosen Select Service Partner to help create a joint venture aimed at planning, operating and developing fast food outlets. Through this joint venture, Aéroports de Paris plans to improve the services and facilities offered to passengers, who will benefit then from a diversified and revamped range of outlets (French bakeries, coffee shops, fastcasual, Asian and bar brands). The new company, that should start operating on February 06, will be jointly owned by Aéroports de Paris and Select Service Partner, operating more than 30 retail outlets over a period of 9 years, particularly in Terminals E (hall K and hall L), F, Terminal and 3 at Paris-Charles de Gaulle Airport. The new company will be subject to approval by the competition authorities. See previous press release, "Aéroports de Paris, VINCI Airports and Astaldi have presented the best offer for the concession of Santiago International Airport". 3 Indirectly through Aéroports de Paris Management (fully-owned subsidiary) 7

8 A conference call will be held today, at 9.00 am, CET Live: - From France: + 33 (0) From other countries: + 44 (0) A replay of the call will be available from :00 pm (CET) by dialling: - From France: + 33 (0) From other countries: + 44 (0) Pin code: # Presentation is available on the website: Calendar April 05 traffic figures: May Half Year results: 9 July 05 (after stock market exchange closing) Investor Relations Vincent Bouchery / Aurélie Cohen: invest@adp.fr Press Elise Hermant: Website: Investor Relations: Vincent Bouchery / Aurélie Cohen invest@adp.fr Press contact: Elise Hermant Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 04, Aéroports de Paris handled around 93 million passengers,. million metric tonnes of freight and mail in Paris, and more than 4 million passengers at airports abroad. Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris Group is pursuing its strategy of adapting and modernising its terminal facilities and upgrading quality of services; the Group also intends to develop its retail and real estate businesses. In 04, Group revenue stood at,79 million and net income at 40 million. Registered office: 9, boulevard Raspail, 7504 Paris, France. A public limited company (Société Anonyme) with share capital of 96,88,806. Registered in the Paris Trade and Company Register under no RCS Paris. 8

9 Appendix First quarter 04 pro forma revenue In order to simplify the readability of accounting segment performance and to optimise the allocation of internal exchanges, Aéroports de Paris implemented a new accounting management system being applied since January 05. This new accounting management model consists in: A presentation of the P&L by nature for all revenue and costs A review and a simplification of allocation for revenue and costs of transversal activities A review and a simplification of the allocation of overheads by segment. This new accounting management system does not have any impact of key financial metrics. Moreover, the other main change made was the direct offsetting of capitalised production (formerly accounted for between revenue and expenses) decreasing referring costs. In 04, capitalised production amounted to 79 million that are now broken down in less staff expenses and other costs. In order to allow the comparison with former published statements, pro forma accounts have been made. The impact over the first quarter of 04 is the following: (in million euros) Retail and services Inter-segment eliminations Total Industrial services Rental income Other income Total impact on Revenue at The impact on Retail and Services segment is detailed as follow: as published Variance pro forma Rationale Retail activities No impact Car parks and access roads No significant impact Industrial services revenue Internal energy sales Formerly in «Other income» Still offset in Inter-segment eliminations Rental income Other income 56 (50) 6 Internal rental income Formerly in «Other income» Still offset in Inter-segment eliminations Internal energy sales ( m) reclassification in Industrial services internal rental income ( 9m) reclassification in Rental income 8m of internal services directly offset in costs of other segments Retail and services 4 (8) 05 8m of internal services directly offset in costs of other segments 9